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Fixed Deposit

ICICI Bank offers Fixed Deposit account to customers so that they can save money without any risk and also earn attractive returns. The bank offers various types of deposit accounts which are detailed below:
 

ICICI Bank FD Rates 2018

Interest rates on Domestic Deposit for amount less than 1 crore:
 

Tenure Interest Rate
  General (%p.a) Senior Citizen(%p.a)
1 year to 389 days 6.75% 7.25%
390 days to 2 years 6.75% 7.25%
2 years to 5 years 6.50% 7.00%


Interest rates on NRO & NRE deposits for amount Rs 1 crore and above:
 

Tenure Interest Rate
  General (%p.a) Senior Citizen(%p.a)
1 year to less than 18 months 6.50% NIL
18 months to 10 years 6.40% NIL


*Senior Citizens are given 0.50% higher rate of interest than the normal public.
 

icici fd interest rates

Types of ICICI Bank Deposit Account
 

A simple fixed deposit account with various features which are:
 

  • With a minimum of Rs.10, 000 an individual can open an ICICI fixed deposit account
  • The minimum requirement to open ICICI fixed deposit account by a minor is Rs.2000
  • Partial withdrawals are allowed from the deposit account in multiples of Rs.1000 and also avail a loan or overdraft up to 90% of the deposit account.
  • The customer can select from a choice of 2 investment plans: Traditional and Reinvestment Plan
  • Under the traditional plan, the customer can choose to earn interest quarterly or monthly for a tenure of 7 days to 10 years
  • Under the reinvestment plan, the interest is earned at a compounded rate quarterly and reinvested with the principal amount to earn further interest.
  • The fixed deposit account can be automatically renewed in the absence of any instructions on maturity
  • Nomination facility is available under this scheme
  • The tenure of the deposit ranges from a period as low as 7 days to as high as 10 years
  • The safe deposit receipts are safely held by the bank

ICICI Bank Recurring Deposit

A recurring deposit scheme with monthly deposit installments. The features are:
 

  • A minimum amount of Rs.500 is required to open the account
  • Nomination facility is available under the scheme
  • The minimum period of deposit is 6 months and thereafter in multiples of 3 months to a maximum period of 10 years
  • Loans can be availed against Recurring Deposits
  • The recurring deposit interest rates are higher than a normal Fixed Deposit interest rate
  • A penal interest of Rs.12 per Rs.1000 is charged in case of delayed payment of deposit installment
iWish Flexible Recurring Deposit

A flexible Recurring Deposit Account with the following features:
 

  • There is flexibility in making deposits anytime and of any amount. The customer may not invest any amount in a month without a penalty charge or may deposit multiple times in a month.
  • The family and friends can make deposit in the recurring deposit account on behalf of the customer.

Tax Saving Fixed Deposit

A tax saving fixed deposit scheme specially designed for saving tax under Section 80C. The features of the deposit are as follows:
 

  • A minimum deposit of Rs.10, 000 is required to open the deposit account. The maximum amount of deposit is limited to Rs.1.5 lakhs
  • Tax is exempted on the savings under Section 80C of the Income Tax Act
  • The customer can select from a choice of 2 investment plans – Traditional and Reinvestment Plan
  • Under the traditional plan, the customer can choose to earn interest quarterly or monthly for a tenure of 7 days to 10 years
  • Under the reinvestment plan, the interest is earned at a compounded rate quarterly and reinvested with the principal amount to earn further interest.
  • Nomination facility is available under the scheme
  • The deposit can also be booked through the International Debit Card which comes with the Savings Account apart from the conventional channels
  • The duration of the deposit is fixed for a period of 5 years and there is no provision of premature withdrawal under the scheme
  • Loan against the deposit cannot be availed under this deposit scheme
  • There will be no automatic renewal of the deposit on maturity and the customer will have to withdraw the deposit on maturity or it will be credited to his or her respective Savings Account
  • Interest is calculated monthly or quarterly as chosen by the customer and credited to the savings account

ICICI Bank Money Multiplier Fixed Deposit

A combination of a fixed deposit account and a Savings Account offering flexibility in operations. The features of the account are as follows:
 

  • The fixed deposit account is linked to savings account of the customer
  • In case the balance is the Savings Account crosses the minimum requirement of Rs.10, 000, the excess amount is transferred to the Fixed Deposit account in minimum multiples of Rs.5000 which earn a higher interest than that in the Savings Account
  • The instruction should be given by the customer through internet banking or phone banking or branch banking channel to carry out the above transaction
  • The deposit period will be a minimum of 1 year or above as chosen by the customer
  • The customer can withdraw funds from the Savings Account. In case the balance in the Savings Account falls below the minimum requirement of Rs.10, 000 the Fixed Deposit account will be debited through the reverse auto-sweep in facility in multiples of Rs.5000 to maintain the minimum balance requirement in the Savings Account.
  • The debiting of the Fixed Deposit account will be on a Last In First Out basis (LIFO).
  • The amount debited from the deposit account will earn the higher Fixed deposit interest rate for the period it was held in the deposit account while the remaining balance in the fixed deposit account will continue to earn the higher rate of interest
  • The scheme has the feature of automatic renewal wherein the bank renews the deposit account automatically. The principal and the accrued interest is reinvested as per the original tenure chosen by the customer.

ICICI Bank Security Deposit

A fixed deposit for employees of a corporate company which can be withdrawn only after the consent of the company. The features of the scheme are as follows:
 

  • The deposit amount can be withdrawn only after the consent of the company for which the employee is working. This helps the company to check the attrition rate and lower it.
  • It is available under the single mode of operation
  • The deposit can  be taken for a minimum period of 6 months to a maximum period of 10 years
  • The minimum amount of deposit required for opening the account is Rs.10, 000. There is no limit on the maximum amount of deposit that can be made under the scheme
  • Interest is calculated on a compounded basis and accrues quarterly. Interest is reinvested with the principal amount whenever it accrues to earn further interest
  • The interest earned is subject to TDS as per applicable tax laws
  • The fixed deposits cannot be automatically renewed

ICICI Fixed Deposit Eligibility

Any Resident Indian can open the Icici Fixed Deposit Account. However, it is advisable that they should use the FD calculator to find out the maturity amount before investing in a specific scheme.

Eligibility:

  • Any Resident Indian can open the Icici Recurring Deposit Account
  • The minimum balance required for deposit is Rs.500 and thereafter in multiples of Rs.100

ICICI Fixed Deposit Documentation

The following documents are required to be submitted for opening a ICICI Fixed Deposit Account:
 

  • Identity Proof: Copy of Driving License/ PAN Card / Aadhar Card / Passport Copy / Voter ID card / Ration Card / Government ID Card / Senior Citizen ID Card.
  • Residence Proof: Copy of Passport / Telephone Bill / Electricity Bill / Bank Statement with Cheque /  Certificate or ID Card issued by the Post-Office
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